Regeneron Pharmaceuticals, Inc. has announced the creation of Regeneron Cell Medicines, following an agreement to acquire full developmental and commercialization rights to 2seventy bio's investigational immune cell therapies. As part of the agreement, around 150 employees from 2seventy bio will transition to Regeneron. Philip Gregory, who is currently the Chief Scientific Officer at 2seventy bio, will be appointed as the Senior Vice President and Head of Regeneron Cell Medicines.
As per the agreement, Regeneron will gain control over all development and commercialization rights of 2seventy bio's ongoing and future clinical and preclinical programs. Additionally, Regeneron will also bear the program, infrastructure, and personnel costs associated with these programs. The deal includes an initial payment of $5 million and a one-time milestone payment to be made by Regeneron to 2seventy bio when the first product achieves major market approval. Regeneron will also pay 2seventy bio a small royalty on its future revenue.
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